On the eve of 08^th November, 2016 when half of the nation was busy watching saas-bahu stereotypes, and the other half in witnessing the fate of United States of America, our Hon’ble Prime Minister along with Reserve Bank of India had all their moves ready to make a landmark and everlasting impact in the history of India. When his sudden address to nation was announced at 7.45 P.M., everyone thought it to be yet another statement against Terrorism or Pakistan, but no one had ever imagined, that history would be made.

Just one statement “500 & 1000 rupee note will not be a legal tender from midnight of 08^th November, 2016” and it was a checkmate situation for corruption, black marketer and terrorism. It was one of the biggest, stringent, planned and secretive move ever taken in the history of Republic of India by any ruling party. With the banks closed for public on 09^th November, 2016 and ATM closed for 09^th & 10^th, India hopefully is all set to awaken to a new era free of deep rooted black marketing and corruption.

The major highlights of Hon’ble Prime Minister’s Speech are

• From midnight of 08^th November, notes of Rs 500 and Rs 1000 will cease to be legal tender.
• Reserve Bank of India would soon release and circulate new notes of Rs 500 and Rs 2,000.
• All banks to remain closed on November 9 for public work.
• ATMs will not function on November 9, and on November 10 in some places.
• For 72 hours, until the midnight of November 11, government hospitals, government-authorised consumer stores like milk booths and ticketing counters, will continue to accept the old Rs 1000 and 500 notes.
• Citizens will have 50 days, from November 10 to December 30, to deposit/exchange old Rs 1000 and 500 at post offices and banks.
• Those unable to submit all their old currency notes within the deadline, will be able to do so at the Reserve Bank of India up till March 31, 2017 by providing a declaration.
• No limit on Deposit of amounts in bank accounts.
• Withdrawals from bank accounts limited to Rs 10,000 a day and Rs 20,000 a week
• Exchange limit has been capped at Rs 4,000 till November 24 on production of a valid Government identity card, like PAN, Aadhaar and Election Card
• Withdrawals from ATM capped at Rs. 2,000 per day till 19th November & to Rs. 4,000 after 19th November.

CS Ankita Jain

Associate member of Institute of Company Secretaries of India (ICSI) having more than 3 years of experience in managing Corporate Laws and Research. Presently Manager-Compliance with LexComply.com leading the Customer Orientation and Training with an additional charge of LexComply Quality Test and Controls.